Huobi Token (HT) is Huobi's own exchange native token. It is used to incentive trading as part of an overall strategy to recover its user base after tightening regulations in China severely restricted Cryptocurrency trading.
The Huobi Token rewards exchange users for their loyalty through lowered transaction fees while also carrying its own value in trade-able pairs against popular currencies. The intentions were to bring greater value to Huobi’s millions of users, mostly located in Asian countries.
Since Huobi is the third-largest crypto-exchange, the creators of the Huobi Token are hoping for a similar level of success to Binance's own BNB token. To reach that level, they’ve added extra benefits to the Huobi Token offering above and beyond those of BNB.
A significant benefit of HT ownership is voting rights on exchange decisions, including new assets to be listed on the exchange. At first, this seems like a democratic way to settle the issue of asset listing priorities. Follow the idea to its logical conclusion, however, and you realize that assets that want to be listed on Huobi will merely need to purchase a lot of HT and vote for themselves, furthermore, whales with large quantities of HT in their wallets can manipulate the voting process in unfair ways. For the spectating investor, though, such a situation could possibly mean high demand for the token, driving price.
Huobi supports trading pairs for Tether, Ethereum, and Bitcoin right out of the box. One of the benefits of being an exchange-created cryptocurrency is immediate listing on the exchanges. The day that Huobi Token completed its token generation event, it listed on Huobi.
You may not use Huobi or want to purchase VIP packages, but you can still buy Huobi Tokens to speculate on the future value.
One might argue that paying for early access to events and features is actually worth it, but it could prove extremely valuable. As part of the VIP subscription service, users may gain early access to assets that will trade on Huobi or special events. Some people might consider this pay-to-play principle unfair and ethically questionable. However, it’s difficult to say precisely what benefits VIP subscribers have received to date because those events and early access are private.
A few times a year, Huobi will use earnings from transaction fees to buy back Huobi Tokens. The Huobi team hopes to achieve the following doing this:
HT can be used to purchase various levels of VIP status on the Huobi exchange. VIP status works on a subscription basis, with users paying monthly. The highest of these levels grants a 50% discount on transaction fees. This level of discount is similar to Binance’s discount scheme. There’s no time limit on when VIP status expires. As long as you continue your monthly VIP subscription, you could maintain the 50% discount for many years. The discount may be valuable to retail traders. More importantly, though, it has enormous implications for whales and high-frequency traders where a 50% reduction in transaction fees makes an enormous difference to the bottom line.
Ledger
As for using the Nano Ledger S, the first step towards setting up your device is unboxing and checking if you have received all the accessories coming with it. Once you have unboxed your device, you need to configure it and initialize it before being able to use it. The process is quite simple and will hardly take about 20-30 minutes post which you will be set to use your Ledger Nano S device.
Setup guide video: here
Trezor
As for Trezor, installing is really simple. To properly install it users should attach the unit to the computer. After that continue with installing the bridge which allows the Trezor to join with the computer. The first step is to connect the Trezor to device’s USB slot with the cable given in the box. After that, go to myTrezor.com and proceed with installing the browser extension. Trezor can also be used on Android or an iPhone, or on a Windows or Mac computer. Now, initiate the extension and myTrezor will direct you to pick a PIN. After this, you will notice nine buttons but the numbers are hidden. After this, users should check the Trezor’s screen to recognize which numbers are in which place because it switches every time. Now set the PIN. Shortly after, Trezor should present a 24-word wallet “seed”. In short, one word at a time. Note down this seed and save it carefully. If your Trezor device malfunctions or is lost, you can utilize the seed to reconstruct the complete wallet.
Setup guide video: here
Exodus
First, we have Exodus, which supports a ton of other cryptocurrencies along with HT. It is pretty straightforward and easy to use. Just download the app from the official site(exodus.io) and get straight into creating your wallet. Exodus stores your Private Keys on the machine you choose and not on any server, providing you with a relative peace of mind when it comes to the security of your coins.
Atomic Wallet
Another option is Atomic Wallet.
Atomic Wallet is a desktop wallet built with security, anonymity and decentralization in mind. Atomic Wallet was designed to leverage the potential of atomic swaps and become part of a fully-fledged decentralized cryptocurrency ecosystem. The “physical” wallet itself is a PC application that can be downloaded onto your computer. Your private keys and other data will then be stored on your PC in an encrypted form. This means you hold your own keys, which are encrypted and kept only on your own device, control your own funds and can efficiently swap tokens without needing to go through a centralized exchange.
This application then interacts with the blockchains of supported coins. For example, if you check your transaction history in the program, it looks it up on the blockchain and then shows it to you, rather than storing this potentially sensitive information somewhere.
Huobi Exchange
Obviously, if you want to reap the benefits of all the perks that come with holding HT on the Huobi Exchange, it is best you keep your tokens there. You can use them(if you have sufficient amounts) to access all the features mentioned in the Technical part of this page.
MyEtherWallet
For an online-based wallet, we recommend MyEtherWallet. The wallet offers a brilliant combination of speed, trustworthiness and simplicity, making it the most popular online wallet for ether and any ERC20-based tokens.
Simply visit myetherwallet.com and set up your wallet with a method of your choosing, just make sure to store your private key somewhere safe. It's wise to have it written down on paper in case your PC/notebook malfunctions.
The only downside to using an online wallet like MEW is that there are literally hundreds of phishing scams out there to get your eth, so you better double check the address everytime and make sure to watch out for any malicious activity on your browser or PC.
The easiest place to buy Huobi Tokens is obviously on Huobi. They have many trading pairs available. The token has listed on LBank and Gate.io, so if you have an account with either of those exchanges you can purchase HT there.
Mostly, buying HT makes sense for Huobi users. . If you dont trade on Huobi, the only purpose of holding the token is price speculation.
